By: Eliot Prince | Final up to date: 12/4/22
Prime XBT is a buying and selling platform for buying and selling cryptocurrencies and different property equivalent to shares and commodities. This assessment will cowl my expertise with the change and what it is advisable remember about earlier than utilizing it.
Prime XBT Evaluation Abstract
Prime XBT is a buying and selling platform offering cryptocurrency, Foreign exchange and commodity markets mixed with leverage choices. The options and charges supplied by the change are extraordinarily aggressive and promising. The change is unregulated and works with cryptocurrencies solely.
Whereas the change opens up nice alternatives for revenue, utilizing extreme leverage mixed with an unregulated platform can result in massive losses, so commerce responsibly.
That’s Prime XBT in a nutshell. For a extra detailed assessment carry on studying, right here’s what I’ll cowl:
- Firm Overview
- PrimeXBT Companies
- Currencies and Cost Strategies
- Charges
- Limits
- Supported Nations
- Buyer Help and Evaluations
- Conclusion
1. Firm Overview
The corporate was launched in 2018 from Seychelles, working a world dynamic buying and selling platform aimed toward cryptocurrency merchants. It’s exhausting to pin down a variety of firm data nevertheless it has grown exponentially after virtually a 12 months in enterprise.
A customer-centric increasing platform, massive market choice and excessive leverage choices seem so as to add competitors to trade leaders in margin buying and selling like Bitmex.
As a very Bitcoin-based change, Prime XBT operates in an virtually borderless world method with minimal compliance to regulation.
2. PrimeXBT Companies
The buying and selling platform affords a wealth of choices not seen on many Bitcoin-based exchanges. I say Bitcoin-based as all accounts are funded solely by Bitcoin.
100x leverage cryptocurrency markets are the flagship service with 5 completely different property to select from.
Foreign currency trading markets add to this choice with leverage up 1000x. An extremely excessive margin and one thing typically solely discovered on unregulated Foreign exchange platforms.
Prime XBT additionally affords excessive profile indices to commerce towards together with S&P500, FTSE100 and JAPAN, in addition to such commodities as Gold, Pure Fuel, Crude Oil, Silver and extra.
All buying and selling is carried out in a single slick buying and selling platform that boasts customizable widgets for customers to design their buying and selling view.
Covesting integrates straight with the buying and selling platform permitting customers to view and mirror the ways of different confirmed merchants.
3. Currencies and Cost Strategies
Buyer accounts are utterly Bitcoin-based. This implies deposits, withdrawals and account balances are all saved in Bitcoin.
For different deposit choices, there’s a neat API linked to Cex.io which permits customers to purchase Bitcoin with USD, EUR or GBP through credit score/debit card for buying and selling functions.
Bitcoin, Ethereum, EOS, Litecoin and XRP are all out there to commerce in Bitcoin or USD pairs. It makes up a good collection of cash for a margin buying and selling platform though fewer choices than Bitmex.
Foreign currency trading provides the massive fiat currencies to the buying and selling roster with Australian Greenback, Euro, British Pound, US Greenback, Canadian Greenback, Swiss Franc and Japanese Yen on provide in varied pairs.
Remember that when you can margin commerce on these markets, fiat foreign money help is minimal with no deposit/withdraw choices (i.e. you’ll must withdraw your earnings in Bitcoin).
4. PrimeXBT Charges
Prime XBT tries to be as clear as doable in relation to charges. With so many various buying and selling markets supplied it is very important perceive when and the place you may be charged.
For instance, day buying and selling with out margin creates a special charge construction to longer-term leverage.
The cryptocurrency charge is 0.05% for all trades, no distinction for the maker or taker. This can be a comparable worth to opponents.
Margin buying and selling provides an in a single day financing charge which is about $6.00 per day per 1BTC for lengthy trades and should differ relying on market situations.
Since charges differ from asset to asset be sure you test rigorously right here earlier than beginning to commerce. Watch out as in a single day/days are calculated in UTC time so ensure to not provoke trades round midnight UTC! There are reviews of different customers not realizing this and buying shock charges.
5. Limits
Numerous limits apply relying on what property you commerce.
Minimal order measurement is 0.01BTC for the BTC/USD buying and selling pair, nonetheless, minimal buying and selling sizes are decrease for altcoin markets. The 0.01BTC minimal is kind of excessive so in case you simply need to check out the platform I’d advocate doing this on the altcoin buying and selling pairs as an alternative. Many different exchanges let you commerce their BTC/USD pair with simply $1 or a few satoshis.
Most single trades are set at 100BTC and most publicity are is 150BTC – so you may leverage your approach to $1 million trades do you have to fancy.
You’ll be able to see the total listing of Prime XBT limits right here.
6. Supported Nations
The platform is marketed as a world change, however Prime XBT is just not out there for merchants from the US. That is as a result of firm’s aversion to regulation which is rising, particularly within the States. Nonetheless, there isn’t any in-depth verification course of that permits them to establish such prospects.
Operating Bitcoin-only accounts does create a borderless buying and selling change in every single place else although. No fiat help means no must adjust to native banking restrictions – a trait of many cryptocurrency solely exchanges.
The service has a good language choice too, together with English, Chinese language, Spanish, Korean, Portuguese, Russian and Turkish.
7. Buyer Help and Evaluations
Chat help on the web site responded extraordinarily shortly to a question I had, which is a large enchancment from the help service I obtained from them a 12 months in the past (which acquired no reply to my chat field inquiry, nor my follow-up e mail).
The corporate additionally provides a data base and video tutorials that assist customers perceive the platform quick and simple.
Loads of glowing buyer critiques seem when trying out the corporate’s repute. Many 5-star rankings have been left on assessment websites, nonetheless some folks query the critiques legitimacy.
For instance, discussion board members on BitcoinTalk have accused employees posing as prospects together with declaring some fascinating anomalies.
Nonetheless the corporate itself says they don’t have any official presence on BitcoinTalk and that it might have been a scammer attempting to cheat folks out of their funds.
8. Conclusion
Prime XBT is a nearly-worldwide superior buying and selling change with a plethora of markets and options. The person interface is pleasant and even permits a customizable widget setup. Charges are typically low and there may be freedom for purchasers to commerce with loads of leverage.
Chat help seems to be good and fast nowadays, answering my inquiry inside only one minute or much less.
General a neat product, however remember the fact that whereas unregulated exchanges are extraordinarily versatile, in addition they haven’t any oversight. So remember and don’t depart cash mendacity round in any change if it’s not in use for buying and selling.
Additionally, extreme leveraging could result in shedding cash quicker than meant, so solely use leverage in case you’re an skilled dealer.
Have you ever used Prime XBT Your self? Let me know what you suppose within the remark part beneath.
Prime XBT
Professionals
- Superior buying and selling options
- Broad number of property
- Customizable interface
Cons
- Non regulated change
- No Fiat help
- Excessive limits for minimal order measurement
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